Consolidation in Financial Media

Friday, October 29, 2004 | 05:57 AM

Here's two news stories you may have overlooked this week:

CNN will shut down its struggling CNNfn financial news network in mid-December, giving up its attempt after nine years to compete in a market dominated by CNBC. CNNfn was believed to be marginally profitable.

CNNfn only reaches 30 million homes (out of a possible 110 million). Its deal with Sat provider DirecTV was about to expire, and Murdoch/Fox is rumored to be considering a challenge to CNBC. In that battle, CNNfn would have been collateral damage.

On the internet side, CBS MarketWatch has been put up for sale by MarketWatch. They hope to get ~$400 million for the company. Possible suitors rumored to be bidding are CBS (Viacom) Dow Jones/ WSJ, New York Times Company, the Financial Times Group, as well as Yahoo.

I wish I could say this is a contrary indicator suggesting a long term bottom in the stock market. Instead, I suspect it is merely a sign of additional consolidation in the increasingly competitive media area, as dead tree editions look to bulk up their internet offerings.



Sources:
Financial network to end after nine years
Seattle Times
Friday, October 29, 2004
http://seattletimes.nwsource.com/html/businesstechnology/2002076026_bizbriefs29.html

MarketWatch, Web News Site, Is Up for Sale
Andrew Ross Sorkin
NY Times, October 28, 2004
http://www.nytimes.com/2004/10/28/business/media/28net.html

Friday, October 29, 2004 | 05:57 AM | Permalink | Comments (0) | TrackBack (0)
de.li.cious add to de.li.cious | digg digg this! | technorati add to technorati | email email this post

bn-image

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c52a953ef00d8353f55c869e2

Listed below are links to weblogs that reference Consolidation in Financial Media:

Comments

The comments to this entry are closed.



Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      

Archives

Complete Archives List

Blogroll

Blogroll

Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:


Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites

FeedBurner


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo

Disclaimer

Disclaimer

Odds & Ends

Site by Moxie Design Studios™

FeedBurner